Metro Nashville Tax Increment Financing (TIF) Application

Transcription

1 Metro Nashville Tax Increment Financing (TIF) Application Urban Development Department MDHA 1

2 PART I: DEVELOPER INFORMATION Developer Legal/Business Name: Date: Business type: Sole Proprietorship Partnership Non-Profit General Partnership Other (please describe) Developer s Contact Information: Name Title Address City State Zip Daytime Phone Mobile PART II: PROJECT INFORMATION TIF District Name Project Name Project Street Address Anticipated Start Date Anticipated Completion Date Project Description: 2

3 Evidence of Site Control: Project is classified as: Industrial Commercial Residential Mixed-Use Part III: Demonstrated Need Total amount of TIF assistance requested/required: Please include in your submittal the necessary financial model/pro forma demonstrating the financing gap that would need to be filled by TIF. Additionally, please provide the relevant sources and uses document as support. Applicant must demonstrate that the project will not be viable in the absence of TIF or other subsidy. Which eligible expense(s) will TIF be applied to? Land Acquisition Environmental Remediation Public Infrastructure Parks and Public Plazas Green Initiatives Parking Other Eligible Expenses (See Appendix for eligible expenses listed in TCA ) Report any other government assistance/subsidies (tax credits, grants, PILOTs, etc.) that will be leveraged: 3

4 Part IV: Financial and Technical Ability Financial Capacity: Please provide a narrative to support your proforma describing your financial capacity to complete this project. (I.e. describe sources of equity, proposed debt structure, current banking relationships, etc.): Development Capacity: Please provide a narrative describing your development capacity including a brief history of the development entity and experience developing similar projects. As an attachment, please provide the resumes of all principles and key individuals who will be part of the development team. 4

5 Part V: Eligibility Fully describe the public benefits that can be realized by the completion of this project. Projects with a high degree of public benefits are typically more likely to receive TIF assistance. Examples of public benefits include, but are not limited to the following: Creation of affordable housing Creation of new retail choices in an underserved neighborhood Blight removal Historic preservation Furthering the pursuit of an existing community plan or policy Environmental remediation Public infrastructure need Additionally, the project must not actively compete with other projects within the downtown core. Strong proposals will seek to provide a product that would be filling a void in the market. 5

6 Part VI: Additional Materials and Information In addition to this completed form, please include with your application: Resumes of principles and key individuals on project team Three references from previous development partners, investors, and/or lenders Any additional materials that you feel will support the above narratives **Pursuant to TN Code Annotated , any information submitted as part of this application may be subject to public disclosure under the Tennessee Open Records Act.** Please return completed application and supporting materials to: MDHA Urban Development Department c/o CJ Powers 35 Peabody Street #301 Nashville, TN